Nearly 1.6 million pounds flows annually from our paperboard mill at Workington to the local farming community”, says Ulf Löfgren, Managing Director for the mill. In January 2019 the project was given the Rushlight Bioenergy Award.

Operating income of $23.6 million ($27.1 million adjusted) increased $6.2 million ($9.7 million adjusted) compared to the prior year. Adjusting items in 2020 consisted of COVID-19 costs, restructuring and other non-routine costs and acquisition-related expenses. There were no adjusting items in 2019.

GAAP earnings per diluted common share (E.P.S.) of $0.97 compared with earnings of $0.69 per share in 2019. On an adjusted basis, 2020 quarterly E.P.S. of $1.12 increased from $0.69 in the prior year period.

Cash generated from operations of $14.2 million increased from $3.0 million in the first quarter of 2019 due to lower working capital requirements and increased earnings.

Global liquidity as of March 31, 2020 was $195 million, comprised of $78 million of cash on hand and available borrowing capacity of $117 million on existing credit facilities.

Quarterly cash dividends paid of $0.47 per share increased 4 percent from $0.45 per share in the prior year.

John O'Donnell announced his retirement as CEO effective May 21, Julie Schertell, COO, named as successor.

Multiple actions were initiated in response to the COVID-19 pandemic to keep employees safe and maintain financial strength.

Began commercial production of face mask media from filtration operations in Germany.

Adjusted earnings is a non-GAAP measure used to enhance understanding and comparability of year-on-year results. Details on adjusting items and a reconciliation to comparable GAAP measures are included later in this release.

"Our first quarter results were strong, with volume-driven growth in Technical Products and continued improvements in margins and profits across both segments. As the COVID-19 pandemic accelerated, our focus quickly turned to ensuring the health and safety of our employees and taking actions to mitigate the financial impact from the coronavirus and maintain our strong liquidity position", said Julie Schertell, Chief Operating Officer. "Our crisis management team developed and executed rapid response plans that included multiple new operating protocols to safeguard employees, such as enhanced sanitation, increased personal protective equipment and remote working arrangements. In addition, we implemented financial measures such as strict spending controls, reduced capital expenditures, footprint optimization, enhanced working capital efficiencies, and suspended share buyback and acquisition activities. Our market reputation and competitive standing coupled with our strong financial position should serve us well, and I'm confident we'll emerge from this crisis well-positioned to accelerate our strategies to increase our profitable growth rate in a capital efficient manner, and provide our shareholders an attractive return, including a meaningful dividend."